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After unanimously among the members of the Greek government, the proposed referendum on the euro in Greece opponents first meeting among the ministers of the country. While the Greek Prime Minister held talks last night with his European counterparts to define the contours of the proposed referendum, two ministers expressed their opposition this morning at the initiative of head of state.

Early this morning, the Greek Finance Minister Evangelos Venizelos was the first raised his voice in that. While the prime minister suggested yesterday that the referendum will focus on "whether the Greeks or not to stay in the euro area," Evangelos Venizelos has swept the issue with the back of the hand. In the eyes of the man who played the head of the party George Papandreou in 2007, "the place of the Greek people in the euro is a historic achievement of the people that can not be questioned.This can not depend on a referendum, "he said in a statement. The minister stressed the importance of having the new tranche of aid "without delay". In fact, under the sixth tranche will not be released until the political situation has not been clarified.

The sling number two government was quick to be followed by the Greek Minister of Development, Michalis Chryssohoïdis. It called for a European financial rescue of Greece was quickly ratified by parliament, in fact opposed to the proposed referendum on Prime Minister said on public television Net. "This release is the ratification by Parliament of the Agreement (European) Greece comes out of the impasse," said Michalis Chryssohoïdis as television.

It all starts in late July in the French newspaper Le Monde. In a lively pen, "Philae" tells, in twelve parts, how a role play between two traders who are bored leads to rumors of a plot against Angela Merkel and the euro, all on the eve of elections French law of May 2012 ….

In this series of summer, we follow the wanderings of a young journalist from the Wall Street Journal sent to Frankfurt, headquarters of the European Central Bank and the financial hub of Germany. The names of the characters in the story are well known: Bruno Le Maire, portrays in Germanophile finance minister, Mario Draghi, Governor of the BCE, to the old speculator George Soros. On the agenda of the masters of the economy, threats to Societe Generale, next target of a takeover bid, and the Italian bank UniCredit.Their exposure to Greek debt fueling concerns.

Although it is amazed by the accuracy of the descriptions and the likelihood of situations, the informed reader understands that this is a fiction. In August 2011, Bruno Le Maire is not finance minister, but of Agriculture, and Italy's Mario Draghi has not made the head of the ECB, which is still headed by Jean-Claude Trichet.

On a rumor of a fall fiction real

It seems, however, whether this summer series that has inspired the fictional journalists Mail on Sunday, the Sunday edition of the Daily Mail for a story published Sunday catastrophic. In this paper, Simon Watkins and Dan Atkins have Societe Generale "at the brink of bankruptcy after terrible losses from its exposure to the Greek debt" and UniCredit "could collapse so similar" to the French bank.

The journalists added that "David Cameron has interrupted his vacation last night [Saturday, ed] to discuss the situation with Nicolas Sarkozy", a fact that has not been confirmed but exists also in the series of daily French.

Listed on online sites such as CNN mentioned on many forums, Twitter by many users, copied on blogs, the article from Monday, August 8 heat the rumor machine. Many elements accrediting effect the veracity of the article in the Mail on Sunday: Societe Generale is very exposed to the Greek crisis. August 3, his boss Frédéric Oudéa announced quarterly earnings down after a depreciation of 395 million euros for the shares of Greek states.

Wednesday morning the rumor that the company would be general in a situation so serious that the French government should intervene to save her is growing the market. The surprise announcement of a meeting at the Elysee Palace on the financial situation in the morning is a bombshell, and credibility to the words of the Mail on Sunday. The lack of communication officers of the Societe Generale does not help.

Meanwhile, as the stock market collapsed and with it the other financial stocks. At the heart of a black session, rumors succeed: France could lose its triple AAA, the government must save the banking system …

Only the evening that the management of Societe Generale denounces rumors and application to the financial markets opened an investigation into the launch of these sounds.But the damage is done: the bank saw its stock melted from 14.7% in one trading session.

A series of unexplained errors

Several questions remain: how an article in the Sunday edition of a tabloid, usually specializing in photographic study of cellulite British starlets, he could be taken seriously and set fire to the stock market ? How is it also possible that the two journalists of the text may have been confused, which to be inspired by what has been a fiction?

The text of Philae is, indeed, confusing realism. Hidden under the pseudonym, a journalist from the Tribune, Brussels correspondent of the daily economic, and whose employment by the evening paper did cringe at the writing of the World.A French bank would also indignant at the tone of the newspaper that gave off the soap truth, so much so that the newspaper added from 1 August 1 line warning: "Le Monde reminds its readers that situations, facts and figures reported in this fiction is imaginary and should not be taken as an expression of reality. "

There are no quotes in the article by Watkins and Atkins, which are directly drawn from the World Series, but the charges against SocGen and UniCredit, and the words of the intervention of Nicolas Sarkozy to be found in both documents. The Daily Mail has deleted Article guilty of its online site and apologized, acknowledging that the paper was based on "false information". Thursday noon, the Cac 40 fell below the symbolic threshold of 3,000 points, while Societe Generale fell by 7.26%.

It's a real competition gigatisme. After the announcement by Prince al-Walid to build a tower more than a thousand feet high, the Burj Dubai skyscraper almost seem "small." Yet, this tower, which rises to 828 meters currently holds the record for the tallest tower in the world. And the number of buildings approaching that height now record, will increase in coming years.

The popularity of the towers is very strong especially in emerging countries, which will soon appear three new skyscrapers lying in a range in height from 500 to 800 meters. Symbols of modernity and economic development, they show by their names prosperity of their city or country. The Makkah Clock Royal Tower (601 m) should be opened in Saudi Arabia at the end of this year.The draft Jakarta Tower (588 m) in Indonesia, launched in 1997, should finally set up in 2012. As for the tallest tower in China, the Shanghai Tower (632m), with completion scheduled for 2014.

United States, where the tallest buildings are just above half a mile, top of a building 541mètres should dominate the sky in 2013. This is a skyscraper built on the ruins of the World Trade Center.

The New York Stock Exchange opened slightly higher Thursday, supported by a better than expected in the United States and hopes of resolving debt crises, despite disappointing figures on U.S. employment: the Dow Jones gained 0 , 16% and the Nasdaq 0.15%. The Dow Jones Industrial Average is 19.75 points to 12,591.66 points and the Nasdaq, dominated by technology, 4.30 points to 2818.53 points.

On Wednesday, the New York Stock Exchange completed a small drop in session hesitant, catching her breath waiting for concrete solutions to the debt crises in the U.S. and euro area.

President Barack Obama received Wednesday several leaders of Congress and the White House has once again expressed confidence in a political solution to the crisis of debt before August 2, to avoid a default."I expect us to find a solution," the president said in an interview with local TV KMBC Kansas City, renewing his call for compromises from both sides, whether its Democratic allies or his Republican opponents.

As on other major exchanges worldwide, operators will also have their eyes riveted to Brussels where 13 hours started at the extraordinary summit of the leaders of the euro area. The latter will try to find a solution on a new plan of aid to Greece to avoid contagion of debt to other countries deemed weak in the euro area. According to draft conclusions of the EU summit, the conditions of loans to Greece would be reduced. The idea of ​​bank tax was abandoned.

Busy schedule

On the foreign exchange market, the euro rebounded sharply against the dollar Thursday, buoyed by the draft agreement at the summit of the euro area in Brussels. Around 1330 GMT (1530 Paris), the single European currency was worth 1.4322 dollars against 1.4212 dollars around 2100 GMT Wednesday, after getting off to 1.4139 to 10:30 GMT. The euro climbed also clearly against the Japanese currency at 112.63 yen against 111.94 yen yesterday.

Oil prices were moving up slightly at the opening in New York, the market welcomed with relief the first details of the draft agreement between leaders of the euro area to meet the debt crisis cash advance today.Around 1:15 p.m. GMT on the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 98.84 dollars, up 44 cents from the previous day.

On the macroeconomic front in the U.S., the day will begin with the weekly jobless claims. They proved disappointing: the number of new unemployment benefit recipients back to 418,000 people during the week of July 10 to 16, the figures Aoccdrnig Department of Labor. Analysts had forecast 410,000 new registrations.

Values ​​to follow

The side of values, the publications will continue today before the opening of Wall Street including Travelers, Pepsico, Morgan Stanley, United Continental and AT & T.

Investors will pay particular attention to Intel as Thursday.The world of microprocessors released after the market close, quarterly results better than expected. Net income progresséde 2% to 3 billion, a record turnover, up 22% to 13.1 billion. The title loses 1.78% to 22.58 dollars.

For its part, American Express Financial Group exceeded market expectations by announcing Wednesday an increase in earnings in the second quarter from 31% to $ 1.3 billion, thanks to higher costs to its customers on the cards crédit.Le of revenue has in turn increased 12% to $ 7.6 billion, above the 7.35 billion expected by analysts. The title earns 1.42% to 52.83 dollars.

For its part, the distribution group online eBay issued a net profit of 283.4 million dollars for the second quarter, down 31% due to the acquisition of marketing services GSI Commerce. The action wins 2.68% to 34.06 dollars.

Always on the side of values, Google (0.83% to 600.28 dollars). would grow in telephony. The Internet giant has begun discussions to buy the specialist in mobile phone technology InterDigital says the Wall Street Journal. The newspaper said the interest of the Internet giant for InterDigital comes in the wake of its failure on the redemption of certificates of the Canadian telecom equipment supplier Nortel. InterDigital, with a market capitalization of $ 2.8 billion, he is studying a possible sale.

This is the seventh increase in less than a year. If the Swedish central bank Tuesday raised its key rate by 0.25 percentage points to 2%, is above all to contain inflation risks, which reached 3% in May, even though the limit is 2 %. "The core inflation (excluding prices of raw materials and other volatiles), upward trend in recent months, rose 1.7%, said Victoire Dumaine-Martin of Natixis. Unlike the Bank of England or the ECB, the Riksbank has a wide scope for growth remains dynamic. "

In fact, with a GDP increase of 5.7% in 2010 from 7.5% last quarter in the year-the highest score statistically memory, after a severe recession of 5.3% in 2009, the country who wants to stay out of the euro area, acts as a "northern tiger" which prances in the forefront of European performance.Unlike the German locomotive, which relies mainly on foreign trade, it is primarily the dynamics of domestic consumption, private and public, which boosted the Swedish economy in 2010.

Benefiting from sound public finances, Sweden did not need to austerity plan, unlike most European countries. Stockholm has achieved a balanced budget in 2010. Public debt fell from 54.3% in 2001 to 39.8% in 2010. "Exports have helped the country out of recession but in the end of 2010 the contribution of foreign trade has been zero, the explicit expert Natixis.This is related to the process of restocking businesses and strong domestic demand that boosted imports. "The tax cuts implemented by the center-right government and the improvement on the employment front from mid-2010 with an unemployment rate of 7.9%, which should continue to fall around 5% by 2014, supported consumption.Raising interest rates is also intended to counter the housing boom: prices have risen steadily to regain their pre-crisis level and the rate of household debt has jumped 103% of income Gross available in 2000 to 170% today.

Appetite for emerging

If since the beginning of the year, growth slowed 0.8% in the first three months of the previous quarter, and should continue in the coming months, mainly because of a decline in other European The forecast for this year is very envious, well above 4%. A situation aided by the appetite of emerging economies for "Made in Sweden" and productive investment to restore productivity.

They are the must of French hospitality. The distinction "palace" was awarded Thursday for the first time in France to eight luxury hotels supposed to embody "excellence in French," announced the jury for their selection. The eight institutions to join this new club are very close to Le Bristol Paris, the Meurice, the Park Hyatt Paris-Vendome and the Plaza-Athénée. In the provinces there is the Hotel du Palais in Biarritz, the Cranberries and Cheval Blanc in Courchevel, and the Grand Hotel Cap Ferrat in Saint-Jean-Cap-Ferrat.

The challenge is to distinguish among institutions except the 130 5-star hotels that already exist. Fourteen candidates have filed for candidacy. But not all have been retained. In the capital, Bristol, George V, Meurice, Plaza-Athenee, Ritz and Hyatt Park were in the running.In the provinces, the Negresco in Nice, and Cheval Blanc in Courchevel Cranberries, and the Hotel du Palais in Biarritz, have also postulated.

Conversely, some very prestigious hotels have chosen to duck the first round due to work, like the Eden Roc in Antibes. 5 stars like the Fouquet's in Paris did not submit a dossier explaining that appear as a palace might scare away business customers. The Crillon, which has just been sold by the U.S. investment fund Starwood Capital, has not applied, since it requires a heavy renovation.

As newcomers to Paris, starting with the Shangri-La and the Royal Monceau Mandarin Oriental pending this year and the Peninsula in 2012, they did not have access to the competition, requiring more eligibility conditons of … 30 months old.

Applicants under the palace had until December to apply.Have completed two phases of instruction, one led by France Trump to see if they met the "objective" criteria such as size of room, activity for 24 months minimum in case of complete refurbishment of the facility, 30 in case opening, multilingual staff, spa etc..

The second was conducted by a jury of ten members, headed by academician Dominique Fernandez, who was judging criteria "subjective" as the exceptional character of the institution in its history or architecture, speed and permanence of its service, its excellent food and comfort …

The state coffers can thank the cell regulation. Active from April to December 2009, this unit has urged the French assets hidden abroad to come into line with the Inland Revenue. The repentant pay the tax due – 7 years EWB, 3 years of income tax and potential inheritance tax – but in return he received a discount on penalties. With this offer, Bercy recovered to date almost one billion euros: 887 million overdue taxes plus 70 million in penalties. These figures were provided by the Budget Ministry to Jerome Cahuzac, President (PS) of the Finance Committee of the Assembly.

500,000 French accounts in Switzerland

This billion may seem weak against 5.6 billion earned by the Italian tax authorities. But Italy had offered an amnesty to his repentant, who paid a fine.France, including the budget minister at the time, Eric Woerth, refused amnesty on principle. Explaining that a political choice less than 5000 people (4725) are gone in the cell, whereas, according to some experts, there are 500,000 French accounts in Switzerland. In short, France has preferred to draw little repentant but take a good revenues. Revenue which, after being estimated at 700 million in early 2010, will certainly exceed the billion ultimately. For all the records are not curly. Only 1600 have paid all repented their due. For 2605 of them, the transaction is entered into with the IRS but there are still remnants of income tax and penalties to settle. Finally, 523 cases are being processed.Everything should be completed by the end of 2011, according to Bercy.

In detail, the cell has recovered 497 million ISF 233 million inheritance, 157 million income tax (IR), the 7.3 billion in assets reported by the French who are reported. "Those who have regularized their situation are often people who have inherited their parents' accounts in Switzerland. These assets traditionally reported little income. And the crisis has aggravated the situation, "says Bruno Gibert, Partner at law firm CMS Bureau Francis Lefebvre. That's why the IRS has collected little IR.

HSBC list

Penalties have so far brought only 70 million. "This amount seems low. I ask for clarification Philippe Parini, the director of public finances, at a committee hearing in May, "said Jerome Cahuzac.This figure corresponds to an average penalty amounting to 7.8% of the tax, is nevertheless consistent. Indeed, Bercy was decided to limit the penalty to 5% for those who did qu'hériter hidden assets and 20% for those who actively concealed the money, instead of the 40% effective usually. "Furthermore, with the payment of taxes due those who have settled have left a total of between 10% and 15% of their capital. This is not nothing! "Says Bruno Gibert.

Today, although the cell has closed its doors, the lawyers continue to file folders regularization Bercy. "But for now, they are not treated," says one of them. The tax is especially busy launching the 3000 fiscal controls on persons from the list of accounts with HSBC hidden in Switzerland. And despite the fact that the Court of Appeal of Paris has declared illegal the file from a flight. "This case concerns me.It should not be that tax evaders are doing, "says Jerome Cahuzac.

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Starting this week, the French will receive in their mailbox the usual blue print from the tax: the tax return. The Department of Budget commences in fact its shipments to 36 million homes Tuesday and completes tax May 4

This time he is to declare the income year 2010, revenues will be used to calculate the income tax (IR) paid in 2011. Households that still use the paper return will have until May 30 at midnight to do their job.Those who declare on Internet impots.gouv.fr – it will be possible from April 26 – as usual will have additional time: until June 9 to midnight for departments numbered 1-19, until 16 June for those numbered 20-49 and until 23 June for those numbered 50-974.

This year, Bercy has further simplified the statement by the Internet, increasing the number of pre-filled boxes (which are already numerous, both on the Web than on paper)."The information télédéclarées the previous year as the full names of children or the details of actual costs will préaffichées on the Web," says one of the department budget payday loans in 1 hour.

Monthly modular

Also new, having declared online and conducted a simulation of their tax liability, taxpayers will be able to adjust their monthly payment.

Bercy hopes to convert a few more taxpayers to the Web. "We went from 3.5 million in 2005 to more remote declarations from 10 million last year, welcomed yesterday Baroin. The Minister also took the opportunity to highlight the involvement of the Directorate General of Public Finance (DGFIP) Authority of calculating and collecting taxes. "25,000 workers were mobilized to accompany the French this year," he said.In 2010, officials of the DGF Live IP helped 4.7 million people to make their statements and answered 3.1 million calls. The game is worth it: the IR reported to the state 47 billion euros in 2010.

Final point: the explanatory statement attached to said that tax loopholes are now capped at EUR 20 000 plus 8% on income and capital gains from sale of stocks and bonds are subject to payroll taxes at 1 first euro transfer.

The CAC 40 in beautiful colors found on Thursday. The benchmark index in Paris, who managed yesterday to back up the 3900 points at the last minute, took another step forward, encouraged by macroeconomic indicators of good quality. At the midpoint, the CAC 40 advances from 1.31% to 3964.84 points at same atmosphere in London and Frankfurt stock exchanges which are also in the green: the Footsie advance of 0.98% to 5852.65 points and the DAX climbed 1.59% to 6912.77 points.

But volatility may still be at the rendezvous, as was the case in Asian markets this morning. International news is indeed very busy and should focus attention again, slowing any risk taking.

Japan, Libya and Portugal under surveillance

In Japan, first of all, the problems persist on the plant in Fukushima.Site personnel, evacuated the day after an offshoot of black smoke, resumed on Thursday watering operations on the reactor 3 where electricity was partially restored in the control room of reactor 1. Investors are also following closely the level of radioactivity in the capital, Tokyo.

In Libya, the tension escalates as the forces pro-Gaddafi not give up despite the bombing of their tanks by the international coalition. The tanks of the Guide are the entrances to the city Ajdabiah while the coalition struck a military base east of Tripoli. The main hospital Misrata third largest city, was the target of raids on Wednesday night.

Finally, in Europe, the sovereign debt crisis resurfaced with Portugal, while a European summit held today in Brussels.The Socialist Prime Minister Jose Socrates has presented his resignation Wednesday night the President of the Republic after the dismissal of his austerity program by Parliament. The political crisis should accelerate the use of international financial rescue.

U.S. unemployment program

In this highly charged, a series of statistics, however, should occupy the market. In France, the business climate improved again in March, in manufacturing as in other sectors, shows the monthly business survey published Thursday by the INSEE. The synthetic indicator of business climate in the manufacturing sector rose three points to 109, its highest level since late 2007.The employment figures for February will be also published after market (18 hours).

The growth of private activity in the euro zone slowed in March as the PMI index published on Thursday, but economists believe that the level of the indicator remains encouraging. The composite index of purchasing managers, which summarizes the activity in the manufacturing and services, to 57.5 points in March, the company announced that Markit publishes the index, in a first estimate. The index settled at 57 points in January and 58.2 in February, its highest level since July 2006.

For their part, the United States will lift the veil on durable goods orders in February and weekly jobless claims at 13:30.

On the currency market, on the foreign exchange market, the euro stabilizes stable against the greenback at 1 cash advance in one hour.4128 dollars against 1.4083 dollars on the previous evening.For their part, oil markets back slowly because of rising U.S. crude stocks published yesterday. In morning trading, a barrel of light sweet crude for May delivery yielded 31 cents to 105.44 dollars. That of Brent North Sea crude for May delivery declined 27 cents to 115.28 dollars.

Ingenico flies

At mid session every CAC 40 stocks are benefiting from the upturn.

Accor: 2.47% to 31, 09 Euro

The title is head increases the CAC 40. The hospitality industry, recently penalized by the geopolitical risks and catastrophe Japanese is resumed. Accor has lost 13.34% over the last 30 days.

Renault: +0.03% at 37.81 euros

The manufacturer firm duCAC walking 40 with a modest gain after a recommendation from Berenberg keep passing with a target price of 47 euros.the title of the builder is also pulled down by that of its subsidiary to 44% Nissan dropped 4.55% in Tokyo. For Peugeot (1.40% to 27.1 euros), the bank also requires to be kept with a target to 34 euros.

EDF: + 0.50% to 28.92 euros

The electrician has submitted to government a document in which he suggests a rise of 4.7% of electricity rates for individuals on average each year from 2011 to 2015, according to the text that Reuters was able to consult.The Energy Minister, Eric Besson said that electricity prices would increase slightly this summer and no significant increase was under consideration.

Natixis: + 1.12% to 4.15 euros

The bank announced Thursday the purchase of 800 million euros of subordinated notes underwritten by BPCE, as announced on February 23.

Bolloré: -0.43% to 160.30 euros

Italian Pininfarina has exercised a put option to sell its stake in its 50/50 joint venture with Bolloré. The sales price stood at 10 million euros, according to the book value and what was agreed in September.

France Telecom: + 0.39% to 15.63 euros, Vivendi: + 0.82% to 19.63 euros

The French telecoms regulator has announced a new lower cost of call termination.From the perspective of telecom operators, including market leaders in Orange and SFR, the reductions in call termination weigh on sales growth.

Ingenico: + 5.39% to 28.06 euros

The group was selected to participate in a proposed deployment of contactless payment in the United States, funded by Google, according to Les Echos.

Gameloft: -1.93% to 4.58 euros

The title suffered profit taking after publication of its 2010 earnings. The company has benefited from the rise of touch pads and believes that its video games continue to be worn in 2011 by new technologies and the explosion of smartphones. It relies on a new sales growth and improved profitability and cash flow in 2011.

Ubisoft: + 0.08% to 7.39 euros

Nintendo 3DS arrived in France on Friday.The game publisher will offer four of the fifteen titles available at launch for the handheld. The group is betting on success.

Dacia emancipate gradually. The number of outlets autonomous low cost Renault brand increased gradually. "For now, we have 60 independent sites, which we call Dacia Box. Our ambition is to exceed 200 by 2013, "explains Thierry Plantegenest, director of the group's network in France in an interview with magazine autoactu.com.

Already underway, the increase in Dacia Box is a "good sign" for the brand, according to Gaetan Toulemonde, an analyst at Deutsche Bank. Low cost brand, reaching almost 5% market share in France, has gained notoriety and saw its sales climb 12% in 2010. The separation of outlets shows that "the brand started to become independent," says Gaetan Toulemonde business cards.It is an element of strength for a brand that can overcome its parent. "

Distinct customer

By "providing a dedicated service," the Box Dacia mean that "the customer is considered to Dacia customers in their own right," said a spokesman for the group.

For Renault, it is mainly a way to separate more clearly its clientele from that of Dacia cars, which offer fewer benefits for a lower sales price of several thousand euros.

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